CARR (Carrier Global Corporation) Stock Financials & Earnings | Market Cap Arena

CARR (Carrier Global Corporation) Stock Financials & Earnings | Market Cap Arena

CARRCarrier Global Corporation

Mkt Cap$49B

Industrials·Construction·🇺🇸 United States·NYSE

Revenue (TTM)$21.7B

Net Income (TTM)$1.5B

EPS (TTM)$1.73

Free Cash Flow (TTM)$2.1B

Gross Margin25.9%

Op. Margin9.9%

Net Margin6.9%

FCF Margin9.6%

P/S Ratio (TTM)2.3x

P/E Ratio (TTM)33.1x

YoY Rev Growth-3.3%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$5.3B	$1.4B	$555M
Q2 23	$6.0B	$1.8B	$489M
Q3 23	$4.9B	$1.5B	$510M
Q4 23	$5.1B	$1.4B	$607M
Q1 24	$5.4B	$1.5B	$385M
Q2 24	$5.9B	$1.5B	$724M
Q3 24	$6.0B	$1.7B	$763M
Q4 24	$5.1B	$1.4B	$774M
Q1 25	$5.2B	$1.4B	$629M
Q2 25	$6.1B	$1.8B	$881M
Q3 25	$5.6B	$1.4B	$539M
Q4 25	$4.8B	$961M	$101M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	2.3x	19.6x
Q2 23	2.3x	22.9x
Q3 23	2.3x	41.2x
Q4 23	2.3x	36.6x
Q1 24	2.3x	39.7x
Q2 24	2.3x	14.6x
Q3 24	2.2x	14.2x
Q4 24	2.2x	8.8x
Q1 25	2.2x	8.6x
Q2 25	2.2x	12.4x
Q3 25	2.2x	12.4x
Q4 25	2.3x	33.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$120M	$50M
Q2 23	$384M	$310M
Q3 23	$1.0B	$968M
Q4 23	$1.1B	$829M
Q1 24	$40M	-$62M
Q2 24	$660M	$552M
Q3 24	-$269M	-$361M
Q4 24	$132M	-$85M
Q1 25	$483M	$420M
Q2 25	$649M	$568M
Q3 25	$341M	$224M
Q4 25	$1.0B	$882M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$70M
Q2 23	$74M
Q3 23	$73M
Q4 23	$233M
Q1 24	$102M
Q2 24	$108M
Q3 24	$92M
Q4 24	$217M
Q1 25	$63M
Q2 25	$81M
Q3 25	$117M
Q4 25	$131M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+13.3%	+61.7%
Q2 23	+15.0%	+25.3%
Q3 23	-9.5%	+12.7%
Q4 23	-0.1%	-3.8%
Q1 24	+2.8%	+6.7%
Q2 24	-1.0%	-5.3%
Q3 24	+21.3%	+18.0%
Q4 24	+0.9%	-2.7%
Q1 25	-3.7%	-8.9%
Q2 25	+3.0%	+0.4%
Q3 25	-6.8%	-3.5%
Q4 25	-6.0%	+8.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$22M	0.4%
Q2 23	$18M	0.3%
Q3 23	$15M	0.3%
Q4 23	$18M	0.4%
Q1 24	$19M	0.4%
Q2 24	$21M	0.4%
Q3 24	$25M	0.4%
Q4 24	$21M	0.4%
Q1 25	$23M	0.4%
Q2 25	$21M	0.3%
Q3 25	$11M	0.2%
Q4 25	$19M	0.4%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 23	$139M	—	$698M
Q2 23	$151M	—	$784M
Q3 23	$126M	—	$664M
Q4 23	$170M	—	$961M
Q1 24	$192M	—	$759M
Q2 24	$160M	—	$783M
Q3 24	$172M	—	$752M
Q4 24	$162M	—	$798M
Q1 25	$153M	—	$716M
Q2 25	$161M	$813M	—
Q3 25	$151M	—	$803M
Q4 25	$160M	—	$747M

Revenue Segments

Quarter	Product	Service
Q1 23	$4.7B	$587M
Q3 24	$5.3B	$677M
Q1 25	$4.7B	$566M
Q2 25	$5.5B	$636M
Q3 25	$4.9B	$673M
Q4 25	$4.1B	$699M

Revenue by Geography

Quarter	Asia Pacific	Europe	Other Geographical Region	United States
Q1 23	$1.0B	$1.2B	$184M	$2.9B
Q2 23	$1.2B	$1.2B	$204M	$3.4B
Q4 23	$1.1B	$1.2B	$213M	$2.6B
Q3 24	$923M	$1.7B	$184M	$3.2B
Q1 25	$941M	$1.4B	$138M	$2.7B
Q2 25	$981M	$1.5B	$183M	$3.4B
Q3 25	$961M	$1.6B	$198M	$2.9B
Q4 25	$958M	$1.6B	$159M	$2.1B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$3.3B	$0	$3.3B
Q2 23	$3.2B	$0	$3.2B
Q3 23	$3.9B	$0	$3.9B
Q4 23	$9.9B	$0	$9.9B
Q1 24	$1.3B	$0	$1.3B
Q2 24	$2.9B	$0	$2.9B
Q3 24	$2.2B	$0	$2.2B
Q4 24	$4.0B	$0	$4.0B
Q1 25	$1.7B	$0	$1.7B
Q2 25	$1.8B	$0	$1.8B
Q3 25	$1.4B	$0	$1.4B
Q4 25	$1.6B	$0	$1.6B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	852M	+0.0%
Q2 23	851M	-0.2%
Q3 23	855M	+0.4%
Q4 23	854M	-0.1%
Q1 24	913M	+6.9%
Q2 24	915M	+0.3%
Q3 24	915M	-0.0%
Q4 24	903M	-1.3%
Q1 25	878M	-2.8%
Q2 25	866M	-1.4%
Q3 25	859M	-0.9%
Q4 25	847M	-1.4%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 17	—	—
FY 18	—	—
FY 19	—	—
FY 20	$312K	56K
FY 21	$355K	58K
FY 22	$332K	52K
FY 23	$358K	53K
FY 24	$468K	48K
FY 25	$463K	47K